Air Lease Corp., Steve Udvar-Hazy’s latest aircraft leasing venture, could raise as much as $805 million in its upcoming initial public offering, according to a Monday regulatory filing.
The year-old Century City company, which has a fleet of 46 new and used commercial jet aircraft, said it plans to offer 25 million shares at a price range of $25 to $28, according to an S-1 filing with the U.S. Securities and Exchange Commission.
The shares have been approved for listing on the New York Stock Exchange under the ticker symbol “AL.” The company has not yet set a date for the offering, but industry analysts expect it will commence the week of April 18.
Udvar-Hazy co-founded Century City aircraft leasing giant International Aircraft Lease Finance Corp., and stayed with the company 20 years after selling it to American International Group Inc. in 1990. He left last year after a dispute stemming from the government’s takeover of AIG to form Air Lease, which anticipates growing its fleet to about 100 planes by the end of this year.
Commonwealth Bank of Australia, Ares Management and Leonard Green & Partners L.P hold stakes in Air Lease, and Udvar-Hazy himself has a 6.7 percent stake.
Underwriters J.P. Morgan, Credit Suisse, and Barclays Capital will have the option to buy up to an additional 3.75 million shares to cover any overallotments, the filing said.